Section DFI-Bkg 77.06 - Notice of sale(1) Subject to sub. (2), a pawnbroker may not sell any pledge unless notice of the sale has been forwarded to the pledgor at the address given by the pledgor at the time of obtaining the loan or to a new address of the pledgor, as shown in the pawnbroker's record. Notice of the sale shall be sent to the pledgor not fewer than 30 days before the date of sale. The notice shall state the total amount of principal, interest, and charges due on the loan as of the date of the notice.(2) The address to which notice is sent under sub. (1) may be any of the following: (a) A physical mailing address.(b) An electronic mail address or telephone number capable of receiving text messages if all of the following apply: 1. The pawnbroker receives the pledgor's written consent to receive notices by electronic mail or text message. The consent must be signed by the pledgor, and it must prominently state that the pledgor has the right to withdraw consent to receive notices by electronic mail or text message at any time. A separate signature for the consent is not required if the pawnbroker receives direct authorization by electronic mail or text message from the pledgor's electronic mail address or telephone number.2. The pawnbroker requires at the time of the consent under subd. 1. that the pledgor verify the electronic mail address or telephone number as follows: a. With respect to consent for a notice sent by electronic mail, the pawnbroker requires the pledgor to verify the accuracy of the electronic mail address by writing or electronically entering the address 2 times, by receiving and replying to a test electronic mail from the pawnbroker, or by any other method approved by the division of banking.b. With respect to consent for a notice sent by text message, the pawnbroker requires the pledgor to verify the pledgor's ability to receive a text message by receiving and replying to a test text message from the pawnbroker or by any other method approved by the division of banking.3. The pawnbroker retains records of electronic mail or text message notices sent to that address, including the content and the time and date of the delivery.4. The pawnbroker sends notice to the pledgor's physical mailing address if the electronic mail or text message delivery fails or if the pledgor withdraws consent to receive notice by electronic mail or text message.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 77.06
CR 06-124: CR Register March 2007 No. 615, eff. 4-1-07.Amended by, 2021 Wis. Act 203: renum. DFI-Bkg 77.06 to (1) and am., cr. (2) Register March 2022 No. 795, eff. 4/1/2022